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Glamour Textile Mills fiscal Q1 loss widens YOY

Glamour Textile Mills Ltd said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 85 Pakistani paisa per share, compared with a loss of 24 paisa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 22.8 million rupees, compared with a loss of 6.4 million rupees in the prior-year period.

The normalized profit margin fell to negative 3.8% from negative 1.1% in the year-earlier period.

Total revenue declined year over year to 593.0 million rupees from 605.9 million rupees, and total operating expenses grew year over year to 615.4 million rupees from 600.1 million rupees.

Reported net income came to a loss of 35.1 million rupees, or a loss of 1.32 rupees per share, compared to a loss of 16.0 million rupees, or a loss of 60 paisa per share, in the prior-year period.

As of Oct. 30, US$1 was equivalent to 105.51 Pakistani rupees.